Bharat Forge announced that in terms of the resolution plan approved by National Company Law Tribunal, Ahmedabad Bench (NCL T), the company has acquired a Company within the Group named Nouveau Power & Infrastructure (NPIPL) as a SPV to undertake the acquisition of Sanghvi Forging & Engineering.

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Bharat Forge Ltd gained for a fifth straight session today. The stock is quoting at Rs 638.85, up 1.12% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.44% on the day, quoting at 14561. The Sensex is at 48488.23, up 0.49%. Bharat Forge Ltd has gained around 3.13% in last one month.

Meanwhile, Nifty Auto index of which Bharat Forge Ltd is a constituent, has gained around 1.61% in last one month and is currently quoting at 9577.7, up 0.48% on the day. The volume in the stock stood at 16.88 lakh shares today, compared to the daily average of 21.88 lakh shares in last one month.

The benchmark May futures contract for the stock is quoting at Rs 641.75, up 0.96% on the day. Bharat Forge Ltd is up 124.32% in last one year as compared to a 57.06% jump in NIFTY and a 73.33% jump in the Nifty Auto index.

The PE of the stock is 228.01 based on TTM earnings ending December 20.

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Bharat Forge announced that 41 employees opted for new Voluntary Retirement Scheme which involved overall pay-out cost of around Rs 6.29 crore. The scheme was effective from 11 November 2021.

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The auto components firm on Tuesday said it intends to undertake electric vehicle (EV) business through a special purpose vehicle (SPV), which would be a wholly-owned subsidiary of the company. As an initial step, the company has decided to acquire newly formed group firm Kalyani Powertrain (KPPL), Bharat Forge said in a filing.

On Tuesday, the investment committee (strategic business) of the company approved acquisition of 100% stake in KPPL which shall act as the SPV to carry on the EV business, it added. The acquisition was completed on 16 March 2021. The company acquired 1,000 equity shares of face value of Rs 10 at a consideration of Rs 10,000.

Kalyani Powertrain was incorporated on 26 September 2020, with its registered office in Pune, India. It has been formed with an object of development of electric powertrain transmission systems for automotive sector.

Further, the main object of KPPL shall be changed from its current objective of developing electric powertrain transmission systems for automotive sector.

The new objective of KPPL will include research and development in the field of electric mobility including electric powertrain transmissions systems and other strategic areas and other technologies.

Bharat Forge is a technology driven global provider critical components and solutions to various industrial sectors including automotive, railways, power, construction & mining, defence, aerospace, marine and oil & gas.

Bharat Forge reported a consolidated net loss of Rs 210.44 crore in Q3 FY21 as against net profit of Rs 40.43 crore in Q3 FY20. Revenue from operations fell 6% YoY to Rs 1723.11 crore during the quarter.

Shares of Bharat Forge were up 1.86% at Rs 622.20 on BSE.

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